The meaning of "housing correction" mean for U.S. home prices? To find out, Fortune examined revised housing forecasts published by Capital Economics, Mortgage Bankers Association, Fannie Mae, CoreLogic, Moody's Analytics, and Zillow.

Let's start with the optimistic crowd....

... Among the six forecast models we examined, every single one predicts we've entered into a period of decelerating home price growth. Fortune calls it The Great Deceleration.

That said, the industry is split on where this declaration will take us. Zillow is clearly the most bullish. Between May 2022 and May 2023, Zillow predicts U.S. home prices will jump another 9.7%. While that would mark a significant deceleration from the 20.4% posted over the past year, it would hardly be a relief for buyers. After all, that would still be double the average annual home price appreciation (4.4%) posted since 1987.

"The trend appears to show that the market passed an inflection point for home values between April and May, transitioning from ever-hotter to somewhat-cooler price growth. This deceleration is a clear signal that buyers are dialing back their demand for homes in the face of daunting affordability challenges," wrote Zillow economists in their latest outlook

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